Medical Practice Management and Tax Reporting
Updated: Oct 25, 2019
One might wonder why do I need management reporting different from tax reporting? Though both should be sourced from QuickBooks, they have different purposes so there will be adjustments. Your management books should focus on operational metrics that increase and forecast profit while tax books and tax adjustments should be focused on protecting those profits. Taxes will not be as concerned with supply and associate costs as your management books are. Likewise, your operational books will not be as concerned with depreciation and amortization as in small businesses these should be determined by the CPA. Another common adjustment is rent, your CPA may advise $10,000 a month but the market rate is $6,000, so there needs to be an adjustment there. These adjustments might be in QuickBooks but some cannot. One that cannot is a management adjustment for insurance contractual adjustments that should have taken place in prior months that did not.
The picture below is an example of some of the differences. If you take management reporting as serious as tax reporting, then in time the adjustments will grow.
If you have questions on how this model applies to your practice or you are interested in applying the Doctors CFO model in your practice, via one of our annual, bi-monthly or monthly assessments, please reach out to us as firstname.lastname@example.org.
Developing a management report is not easy and Doctors CFO currently has a robust model for most practice types that is customized for our monthly and bi-monthly clients. If you have questions on how this model applies to your practice or you are interested in applying the Doctors CFO model in your practice, via one of our annual, bi-monthly or monthly assessments, please reach out to us as email@example.com.Doctors CFO provides financial analysis and valuations for doctors and dentists in the United States. We also offer programs for new patient marketing, revenue and collection management, medical practice consultant, dental consultant, and practice analysis.
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